Cardiac pacemakers are medical devices that are implanted in patients with bradycardia or other cardiac rhythm problems to manage abnormal heart rhythms. Pacemakers helps regulate abnormal heart rhythms and maintain an adequate heart rate through delivering electrical pulses to stimulate the heart. The increasing prevalence of cardiovascular diseases such as heart failure, congenital heart disease, and rising geriatric population are key factors driving the demand for cardiac pacemakers globally.
The global cardiac pacemaker market is estimated to be valued at US$ 4.1 Billion in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the cardiac pacemaker market are Medtronic, St. Jude Medical, Boston Scientific and BIOTRONIK. These players are focused on developing advanced devices and investing in R&D to strengthen their product portfolio.
There is growing demand for MRI-compatible, leadless, and biodegradable pacemakers globally which is expected to create significant growth opportunities for market players.
Major players are expanding their operations in developing regions of Asia Pacific and Latin America to tap into the high growth opportunities in these emerging economies.
Market Drivers
Increasing Prevalence of Cardiovascular Diseases: Cardiovascular diseases such as heart failure, heart attacks and congenital heart diseases are increasing rapidly worldwide. As per WHO, cardiovascular diseases are the leading cause of deaths globally. This high prevalence of cardiovascular ailments is expected to drive the demand for cardiac pacemakers.
Rising Geriatric Population: The risk of cardiovascular diseases and arrhythmias increases with age. As per the UN, number of people aged 60 or above will double to nearly 2.1 billion by 2050 globally. This rising pool of geriatric population is expected to require more pacemakers over the forecast period.
Market Restraints
Product Recalls: Frequent product recalls over defects in devices pose a major challenge for market players and restrain the market growth. For instance, in 2021, Medtronic recalled several Ingenio and Intella pacemakers over a software issue.
High Cost of Devices: Cardiac pacemakers have high cost of acquisition and follow up cost during the lifetime of the device which makes it inaccessible for many patients in low income countries. This high cost acts as a major barrier in market growth.
Segment Analysis
cardiac pacemaker market demand is dominated by implantable pacemakers segment. These devices are completely implanted inside the patient's body and help regulate heartbeat. They are preferred over external pacemakers as they allow patient mobility and comfortable lifestyle. Implantable pacemakers are further divided into single-chamber pacemakers, dual-chamber pacemakers and biventricular pacemakers. Dual-chamber pacemakers hold the largest market share as they can pace and sense both chambers of the heart for improved synchrony between upper and lower heart chambers.
Global Analysis
North America is the fastest growing as well as dominant regional market for cardiac pacemakers. This is attributed to rising prevalence of cardiovascular diseases, growing geriatric population, availability of advanced healthcare infrastructure and reimbursement facilities. However, Asia Pacific region is expected to witness highest growth during the forecast period. Factors such as growing medical tourism industry, increasing healthcare spending and presence of untapped opportunities will boost the cardiac pacemaker market in emerging Asian countries.
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